Personal Financial Management |Legit essays

Posted: March 4th, 2023

Personal Financial Management 

Term Project Instructions

With personal financial planning we learn to acquire, use, and control our financial resources more efficiently. You are asked to prepare a ‘roadmap’ to outline your financial plans for the future. By creating this ‘roadmap’, you will be able to monitor and control your finances better to achieve your goals. The purpose of this assignment is to help you take a closer look at your own personal financial situation and to make necessary decisions to achieve your financial goals. This assignment is based on YOUR own financial situation; therefore, each project is unique and different.

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Your report MUST include the following side headings and details:

1. My Current Financial Situation (provide detailed information about your financial situation in terms of your sources of income, expenses, debt to create a clear picture of where you are financially)

2. Banking (visit your local bank branch and find out more about savings accounts, checking accounts and certificates of deposit (CDs). What are the requirements for opening each account, interest rate, fees and other charges? Which of these accounts do you need and why?

3. Credit (how many credit cards do you have? If you don’t have any, explain the benefits and drawbacks of having credit cards. What are the major credit reporting agencies in the U.S.? What is a FICO score? Explain how your credit may impact your financial future and what the best way to use credit cards is.

4. Insurance (explain the different types of insurance coverage you need including health, life, auto, homeowners, etc. With each type of insurance coverage explain how to select the appropriate amount of insurance and the benefits/costs of such coverage)

5. Buying a Car (explain the different car ownership options—cash payment, financing, leasing and list the advantages and disadvantages of each. Which option is most appropriate for your situation and why? What are some of the steps you need to take before making the decision to buy a car? What are the expenses associated with car ownership—Specify total yearly expenses)

6. Buying a House (research your local real estate market and specify the different types of house ownership options available. Are there any government programs available for first time home buyers? What are the requirements to take advantage of these government programs? What are the steps necessary to take to help you make a decision about buying a house? How much down payment do you need to make? What is a mortgage and what are the different types available? When do you plan to buy a house and how do you intend to finance it?)

7. Investing (discuss the difference between saving and investing. Give three different options to invest. Explain the difference between investing in stocks, bonds, mutual funds, IRAs, and 401 Ks. How do you plan to invest for your retirement? When should you start planning for retirement?)

8. My Financial Plan (this is your opportunity to indicate your detailed financial plan for the future. List your financial goals for the future, in terms of the next five years, ten years, and thirty years. What are the steps you plan to take to achieve these goals? Based on what you’ve learned so far, how do you assess your financial situation? What would you do differently and why?)

9. References (be sure to include all sources of information you may have used-minimum 5 different sources-and format your references page in APA style; click on the following link for help formatting your references page:

· Your research project must be TYPED, double-spaced, use Times New Roman size 12 font for body of report (8-10 pages minimum excluding cover page and references page). Number all pages in your report.

Please see attachment of my notes and assignments and instructions and a sample.


I have been married with my spouse for over 6 years and together for over 13 years.

Recently bought a house in 2020, in Queens New York.

Have two car leases. A puppy.

I work fulltime in the medical field as a Senior Admin Assistant, in Emergency Medicine. Full-time Student in getting my degree in Healthcare Administration by the end of this year. My job offers a 403B savings account with Transamerica but its not much just 3% I invest.

My spouse work as HR Director for an engineering company. He handles the mortgage and lease and his personal credit card and loan.

I handle all the utilities and car insurance, groceries, and household things. My personal credit cards and personal loan payments.

Once I have my degree I can apply for a managerial position. Within the next two years we are looking into adoption. When I do get a new position, we can live a little bit more comfortably and pay off more things faster. Another note is we have a 30-year mortgage and starting next year hopefully we would like to pay towards the PMI so we can drop that off from our mortgage and cut our mortgage addition 5-10 years off. Another goal is to start looking into investing in stocks or a vacation home in Saint Martin.

I have learned a lot from this class, and I started to save more etc.



How is My Credit

My credit score has gone down to 640. This is a result of two small loans and five credit cards. Besides, my husband and I took a mortgage from a bank to purchase a house in 2020, when our credit was even better. We also have two lease vehicles. A 640-credit score is fair. But some lenders may consider it a bad credit score and may fail to approve my credit applications in the future. Others may charge high-interest rates and fees.

I need to improve my creditworthiness to around 700 or 800 credit score. The first thing to do is to make timely payments with my existing credit cards. This will show lenders that I am a trustworthy borrower and can pay my loans on time. Making timely payments will also help build a positive payment history. The other thing to do is to reduce my credit card utilization. Most experts recommend keeping credit card utilization below thirty percent (DeNicola, 2020). This can be achieved by reducing my spending, asking for higher credit limits, and avoiding closing credit cards. By reducing my credit card utilization, I can boost my credit score and build a positive credit history. Besides, I am planning to get a credit builder card to build my creditworthiness.

Overall, I intend to improve my creditworthiness to ensure more access to credit cards, loans, and even job opportunities. A good credit score also means lower fees, better interest rates, and favorable terms and conditions on a loan or credit card, which indicate more money in my pocket. I am also planning to save more. As we all know, savings offers peace of mind and can help me handle uncertainties in life.





DeNicola, L. (2020). 6 ways to lower your credit card utilization. Credit Karma. Retrieved from:



It’s great that you’re looking to improve your credit score! Timely payments and reducing your credit card utilization are both effective ways to increase your creditworthiness. Additionally, getting a credit builder card can also help you establish a positive credit history. In addition to these steps, you may want to consider checking your credit report for errors or inaccuracies. You can request a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Reviewing your credit report can help you identify any mistakes and take steps to correct them.

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